Lee, Modi weigh one-stop desks under their offices to break business bottlenecks
2026.04.20 23:01
Korea, India issue joint statement to broaden strategic ties through energy supply chains and shipbuilding
| President Lee Jae Myung and Prime Minister Narendra Modi hold a small-group summit at Hyderabad House in New Delhi on Monday. (Pool Photo via Yonhap) |
NEW DELHI — President Lee Jae Myung and Prime Minister Narendra Modi discussed creating one-stop business desks under their offices to cut through regulatory hurdles and resolve problems faced by companies, a senior South Korean official said Monday.
Kim Yong-beom, Lee’s chief of staff for policy, said the discussion took place during a closed-door small-group meeting attended by only a limited number of aides during the summit in New Delhi.
“During the small-group meeting held before the luncheon, Prime Minister Modi expressed a very serious and strong commitment to economic cooperation between the two countries,” Kim said during a press briefing in New Delhi following the summit.
Kim also said Modi “fully sympathized with the difficulties South Korean small and medium-sized enterprises face in entering India, namely concerns that the system lacks rationality and predictability.”
Modi said the Indian Prime Minister’s Office would serve as a control tower and establish a dedicated Korea desk, Kim said.
“He also proposed that the South Korean presidential office create a dedicated team for economic cooperation with India, to which President Lee responded positively,” Kim added.
Kim further said Modi stressed that he would soon invite South Korean business leaders to hear firsthand about difficulties they face operating in India and seek solutions.
“(Modi) said shipbuilding, AI, semiconductors and clean energy will be critically important over the next 10 years, and expressed hope that India’s scale and Korea’s speed could be brought together,” Kim said.
Regarding other achievements on the economic front, Kim said the two sides agreed to establish the Korea-India Industrial Cooperation Committee, the first ministerial-level consultative body dedicated to bilateral economic cooperation.
The committee aims to "systematically expand cooperation centered on areas of high demand, including support for market entry, resolving business difficulties and critical minerals."
Kim added that the two countries also "adopted a joint statement on cooperation in energy and resource security as a summit outcome."
Kim explained that the statement "laying the groundwork for cooperation to jointly respond to recent supply instability involving naphtha, petroleum products and other resources."
The two countries adopted the "Joint Statement on Energy Resource Security" following a summit between Lee and Modi at Hyderabad House in New Delhi during Lee’s state visit to India.
In the statement, Seoul and New Delhi reaffirmed that “the central pillar of our Special Strategic Partnership is a long and trusted economic and energy resource partnership.”
The two countries pledged “cooperation in entire energy value chain.”
The joint statement particularly stipulates their commitment to “maintain a stable, secure and reliable supply of energy resources to each other, including efforts by both countries to maintain open trade in naphtha and other petroleum products.”
India is a major supplier of naphtha and other petroleum feedstocks to South Korea, while South Korea is a leading supplier of petroleum products and lubricant base oils to India, according to the statement.
Korea and India also pledged to “explore closer collaboration among LNG-consuming countries.”
The two countries also committed to “strengthen cooperation in the shipbuilding sector, including, though not limited to, setting up shipyards in India, shipyard modernization, human resource development, and technology partnerships.”
Korea and India recognized that resilient maritime infrastructure, including the shipbuilding industry, is of critical importance to ensuring the energy security of both countries.
Following the summit, South Korea and India also adopted three additional joint statements: the Joint Strategic Vision for the ROK-India Special Strategic Partnership; the Korea-India Comprehensive Framework for Partnership in Shipbuilding, Shipping and Maritime Logistics; and the Korea-India Joint Statement on Cooperation in the Field of Sustainability.
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